There are two general ways in which the role of fiat money has been introduced in the standard monetary search … centralized institution that favors the use of fiat money through specific transaction policies. We carry out a similar exercise … conditions for which there exist equilibria with circulating fiat money and evaluate the main differences with the results …

Search theoretic models of money emphasize monetary exchange as the outcome of economic environments characterized by … bilateral trading frictions. This paper analyzes the efficiency of monetary exchange in a search model of fiat money where …

as a medium of exchange in a laboratory implementation of Kiyotaki and Wright's search model of money. The theory admits …

We use alternative assumptions about the divisibility of goods and money and the ability of agents to use lotteries on … money to investigate to what extent the indivisibility of money is the cause for the typically inefficient production and … consumption decisions in search-theoretic models of money. Our framework potentially generates three types of inefficiencies: the …